Wednesday, September 26, 2018

Northern Mindanao investments plunge by 52.5%

NEW investments generated in Northern Mindanao has dropped to P3.7 billion for the first quarter of 2018, 52.51 percent lower compared to the P7.8 billion posted during the same period last year.

Among the top sources of investments, as stated in the reports from the Department of Trade and Industry-Northern Mindanao, were the Energy (31.7 percent), Infrastructure and Services (28.6 percent), and Trading (21.5 percent) sectors.

Despite posting the highest value of investment in 2018 of P3 billion, which comprised 80.9 percent of the regional total investments, Misamis Oriental is one of the provinces recorded to have the largest decrease in investment at 57.3 percent. The other being Lanao del Norte with a recorded drop in investment at 46.07 percent.

It was noted by the National Economic Development Authority (Neda)-Northern Mindanao that for the same period in 2017, there were bulk of investments in the said provinces along infrastructure and services, energy, and real property development.

Aside from Misamis Oriental and Lanao del Norte, other provinces in the region such as Camiguin and Bukidnon also showed a decline in investments at 34.15 percent and 12.3 percent, respectively.

This leaves Misamis Occidental as the lone province to post an increase in investment at 88.67 percent.

According to Neda, the growth is attributed to the major investment on warehouse and equipment for importation and general merchandise business located in the municipality of Clarin.